FX.co ★ BITCOIN Analysis for December 11, 2017

Bitcoin has been quite impulsive with the bullish gain recently after having a bearish fall towards $13,000 support area. BTC is currently residing at the edge of the resistance area of $16,600. The recovery is is unfolding amid the recent introduction of Bitcoin Futures by CBOE which helped to gain good momentum. The price has been quite impulsive and volatile after the introduction of the Bitcoin Future which will let investors trade the cryptocurrency in both ways. This measure is also expected to make Bitcoin respond as a mature trading instrument in the coming days. As for the current scenario, price is currently expected to trade in a range and correct itself a bit more and have some retracement towards the dynamic level of 20 EMA before bouncing up higher above the key level of $16,600 price area. As the price resides above $14,000, the bullish bias is expected to continue further with a target towards $18,000 price area.